The size of the MRI market in North America is expected to reach USD 2.47 billion by 2027, with a CAGR of 2.9%, worth USD 2.14 billion in 2022.
The development of hybrid MRI equipment, the availability of universal health care in North America, and a growing emphasis on early diagnosis contribute to the market's rise. The use of MRI is steadily increasing; for instance, personalized care is emerging as an important part of medicine, and molecular imaging is making a substantial contribution through the use of non-invasive methods for accurate disease diagnosis and determination. Academic institutes, research laboratories, hospitals, and physicians are all interested in advances in MRI techniques such as superconducting magnets, open architecture, high-field MRI, and software applications. In addition, the rise in illness occurrence has prompted groups to take action to combat the problem by raising awareness about the need for early detection. The introduction of open MRI, which assists in the successful medical imaging of claustrophobic and overweight patients, is one of the technical advances. Improvements in field strength and computing capability of imaging equipment are also among the technological advancements.
With the rise in disease incidence, technological developments, and an aging population, several new players are likely to enter the future. Increased use of MRI systems in hospitals, clinics, and diagnostic centers is anticipated to grow faster, giving it one of the most profitable investment opportunities. Additional characteristics for early identification of molecular and cellular alterations in Alzheimer's disease and other illnesses are expected to emerge as technology advances. Growing awareness of the benefits of early diagnosis, technological advancements that have led to the replacement of low-field MRI systems with high-field MRI systems, and the finding of new helium resources are all propelling the North America Magnetic resonance imaging market size upward.
The high cost of MRI systems, incompatibility of MRI systems in some patients, and decreasing reimbursement rates for MRI treatments are expected to restrict the market's growth. The increased costs associated with the installation and maintenance of imaging equipment are primary factors restricting the market's growth. Installation and appropriate maintenance of these systems sometimes need complex infrastructure and related expenditures, which many medical facilities can afford.
Handling modern and sophisticated MRI equipment necessitates a high level of technical expertise. Unfortunately, the declining reimbursement rates and a shortage of sound technicians in this region all challenge the market's expansion growth.
This research report on the North American MRI Market has been segmented and sub-segmented into the following categories:
By Field Strength:
Regionally, North America is expected to rule the Global MRI during the forecast period and accounted for 36.8% in 2020. Due to the technological advancements that have made MRI systems increasingly common in clinical applications, North America has the greatest market share of MRI systems. Fonar Corporation, located in the United States, has created a novel Radio Frequency receiver and scanning protocol that allows people living with scoliosis to obtain diagnostic images of their spines without undergoing x-rays. In addition, the rising prevalence of chronic illnesses in this area, such as breast cancer, cardiovascular disease, and neurological disease, is driving up demand for imaging analysis. Throughout the forecast period, the area is anticipated to retain its dominance.
KEY MARKET PLAYERS:
A few of the notable companies operating in the North American MRI market are Hitachi Medical Corporation, Toshiba Medical Systems, Siemens Healthcare, GE Healthcare, Imris Inc., Fonar Corporation, Esaote S.P.A, Neusoft Medical System, Aurora Medical Imaging, and Philips Healthcare.